Fyffes posts €1bn turnover

The international marketing magazine for fresh produce buyers in Europe
Tobias Gourlay

BY TOBIAS GOURLAY

Fyffes posts €1bn turnover

Tropicals specialist proclaims "very strong performance" in 2012

Fyffes posts €1bn turnover

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Fyffes has revealed preliminary results showing full-year turnover of €1.02bn in 2012.

David McCann, chairman of the Dublin-based tropical fruit importer-distributor, hailed a "very strong performance" that brought a year-on-year rise of 20 per cent in total revenue.

Adjusted profit before tax climbed 36 per cent to €30.3m.

"Revenue exceeded €1bn for the first time since demerger `from Total Produce in 2006`, driven by continued organic growth, and the result for the year also reflected further operational efficiencies, particularly in logistics," said McCann.

The company report of Europe's top banana importer highlighted particularly encouraging figures in the category as a result of supply constraints, with organic growth in "low double digits".

Fyffes is also the number one melon importer in the US and, although operating and production costs rose, the category turned in a "strong performance", with sales rising on the back of extra production in Guatemala.

It noted a "small profit" from its pineapples business, in which reduced costs and improved market conditions could not offset "significant adverse exchange rate movements".

But the company remains "committed" to the category, which brought full-year revenues in excess of €120m, and will now seek improvements in logistics and distribution channels in the US market.

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